Nowadays, basketball players and other athletes who are currently in college can benefit by earning from a billion-dollar sports setup. Back on June 30, 2021, the Division 1 Board of Directors approved an interim name, image, and likeness policy (NIL). The NCAA which is the governing body of college sports allowed student-athletes to benefit from it. The Supreme court unanimously ruled in favor of the policy, which favors college athletes.
Numerous state laws were changed regarding the NIL policy, which would allow athletes to sign up for NIL agreements. It ensures that all athletes from all 50 states are eligible to benefit from the policy laid down by the NCAA. Currently, there are a lot of college athletes, who can profit a handsome amount as others and are also benefiting monetarily.
The new NCAA president, Charlie Baker has decided to promote the existing NIL policy by involving the government. The laws regarding NIL are different in many states and would like to form a uniform law for it.
How much do college basketball players get paid on average?
Since the NCAA brought the NIL policy, several college athletes have been able to benefit from this policy. The college does not necessarily pay its athletes but rather provides them with services, such as free meals and training courses. However, there is gender disparity among college athletes as well. Male athletes in college and making twice as much as female college athletes.
According to Zip Recruiter, student-athletes earn as high as $81,000. However, college basketball students earn between $20,000 to $62,000 annually. The average annual pay for college basketball athletes in the United States is estimated at around $34,802. College sports is a massive industry and the number is mind-boggling. College athletes benefit from a $14 billion sports industry, however, the highest-paid instantly become rich.
Who are the highest-paid college athletes in 2023?
The highest-paid college athlete is the highly anticipated first-overall pick in the 2023 NFL Draft, Bryce Young. He has been compensated $3.5 million for a college athlete, who will soon be turning pro in the summer. Young has appeared in numerous commercials with Dr. Pepper, Subway, and Nissan. He even landed a prolific deal with “Beats by Dre,” and other small partnerships. Young is by far the highest-paid college athlete in NIL history.
Bryce Young plays for the Alabama Crimson Tide as a quarterback. He has made an instant impact in the last 2 years and capitalized on the NIL policy brought to life in 2021.
Caleb Williams is the second-highest earner in college sports through NIL. Williams plays for USC, and after a decade of going unnoticed, Williams has put USC back on the map. Just like Bryce, he has also won the Heisman Trophy. His NIL value is estimated at $3.2 million.
Olivia Dunne, who is a gymnast at LSU, is one of the most followed athletes on Instagram with 2 million followers. She has 6 million followers on TikTok and has competed against top gymnasts. Olivia has amassed a huge fortune due to her followers on social media. She recently signed a deal with Leaf Trading Cards. She is the third-highest-earning college player. Her NIL value is estimated at $2.7 million.
Despite football bringing in huge revenues, it is going to be Mikey Williams and Bronny James who will top off when they choose a college. Mikey has branded his name and made him earn $3.6 million, and Bronny’s NIL valuation is estimated at $7.5 million, nearly double what Young is estimated at.
Who pays college athletes?
After years, college athletes can make money off of their name after the NIL was passed by the supreme court. This created a huge rush of student-athletes and brands who looked to sign deals with one another. The colleges do not provide the athlete cash as a source of remuneration. However, they provide students with scholarships, which are deemed sufficient by the NCAA, for a student.
Aside from scholarships, colleges provide various benefits to their students in form of free meals, exclusive tutoring, and training courses. The NCAA has barred the college to give out cash to their students, as a form of incentive. Despite college sports gaining popularity and becoming a sporting business, students were barred from receiving money from the colleges in jersey sales.
The NIL agreement signed by the college/high school athletes, allows them to monetize their appearances. The NIL helps athletes sign with brands that have been working with professional athletes. Numerous brands endorse athletes and help promote their products and services.
This in turn helps the athletes monetize their promotion on social media and events. Athletes use the right to publicity, who ensure that their image is not used without their consent. As the primary focus of the agreement is to publicize and promote partnerships with the athletes. This is a huge boost to those athletes who can start monetizing if they decide to stick with the college for another year before they go professional.
Which college sport is the most profitable?
College sports are a huge business and bring in huge revenue, however, it is going to be football that is the most profitable college sport. College football brings in a revenue of $31.9 million per school in a calendar year.
The major portion of the revenue is generated by broadcasting deals. ESPN broadcasts the college football playoffs, which brings in approximately $470 million per year. Power 5 conference TV rights bring a minimum of $200 million a year. The Texas Longhorn brings in the most amount of revenue, at $144 million a year, followed by Georgia Bulldogs at $134 million. College football brings in serious revenue as compared to other sports.
Basketball sits as the No.2 college sport for generating revenue. College basketball brings in $8.1 million per school annually. Their major portion is also generated from broadcasting rights given to CBS Sports. CBS Sports is the exclusive broadcasting partner of the NCAA basketball tournament, with a deal worth $1.1 billion. Louisville brings in $42 million followed by Duke which brings in $37 million.